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प्रश्न
Kasthuri Ltd. had allotted 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 each to applicants of 30,000 shares on a pro rata basis. The amount payable was ₹ 3 on application, ₹ 5 on allotment (including premium of ₹ 2 each) and ₹ 2 on first call and ₹ 2 on final call. Subin, a shareholder, failed to pay the first call and final call on his 500 shares. All the shares were forfeited and out of them, 400 shares were reissued @ ₹ 8 per share. Pass necessary journal entries.
उत्तर
| Rs. | |
| Application money received (30,000 × Rs. 3) | 90,000 |
| Less: amount due on application | 20,000 |
| Excess adjusted towards allotment | 70,000 |
| Particulars | L.F. | Debit Rs. | Credit Rs. | |
| (1) | Bank A/c (30,000 × Rs. 3) ....Dr. To Share Application A/c [Share application money received] |
90,000 | 90,000 | |
| (2) | Share application A/c ...Dr. To Share capital A/c To share allotment A/c [Application money transferred excess adjusted towards allotment] |
30,000 | 20,000 10,000 |
|
| (3) | Share Allotment A/c (20,000 × Rs. 5) ....Dr. To Securities Premium A/c (20,000 × Rs. 2) To share capital A/c (20,000 x Rs. 3) [Allotment money due, including premium] |
1,00,000 | 40,000 60,000 |
|
| (4) | Bank A/c ...Dr. To Share allotment A/c [Balance allotment money received] |
90,000 | 90,000 | |
| (5) | Share I call A/c (20,000 × Rs. 2) ...Dr. To Share capital A/c [Share I call money due] |
40,000 | 40,000 | |
| (6) | Bank A/c (19,500 × Rs. 2) ...Dr. To share I call A/c [I call money received with the exception on 500 share] |
39,000 | 39,000 | |
| (7) | share II & final A/c (20,000 × Rs. 2) Dr. To Share capital A/c [II & final call money due] |
40,000 | 40,000 | |
| (8) | Bank A/c (19,500 × Rs. 2) ...Dr. To share II & final call A/c [Share final call money received with the exception on 500 shares] |
39,000 | 39,000 | |
| (9) | Share capital A/c (500 × Rs. 10) ...Dr. To shares I call (500 × Rs. 2) To share II & final call A/c (500 × Rs. 2) To Forfeited shares A/c (500 × Rs. 6) [Forfeiture of shares made] |
5,000 | 1,000 1,000 3,000 |
|
| (10) | Bank A/c (400 × Rs. 8) ...Dr. Forfeited shares A/c (400 × Rs. 2) ...Dr. To share capital A/c [Reissue of forfeited shares] |
3,200 800 |
4,000 | |
| (11) | Forfeited shares A/c ....Dr. To Capital Reserve A/c [Profit on reissue tranferred to capital reserve A/c] |
1,600 | 1,600 |
| Rs. | |
| Profit on forfeited | 6 |
| Less on reissue | 2 |
| Profit on reissue | 4 × No. of. shares reissued |
| (4 × 400) | = Rs. 1,600 |
APPEARS IN
संबंधित प्रश्न
Saranya Ltd. issued 20,000 equity shares of ₹ 10 each to the public at par. The details of the amount payable on the shares are as follows:
On application – ₹ 3 per share
On allotment – ₹ 4 per share
On first and final call – ₹ 3 per share
Application money was received on 30,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.
What is meant by calls in arrear?
Write a short note on the securities premium account.
Why are the shares forfeited?
What is a reissue of forfeited shares?
Lalitha Ltd. offered 30,000 equity shares ₹10 each to the public payable ₹ 2 per share on the application, ₹ 3 on share allotment, and the balance when required. Applications for 50,0 shares were received on which directors allotted as:
Applicants for 10,000 shares Full
Applicants for 35,000 shares 20,000 shares (excess money will be utilized for allotment
Applicants for 5,000 shares Nil
All the money due was received. Pass journal entries upto the receipt of allotment.
Muthu Ltd. issued 50,000 shares of ₹ 10 each payable as follows; ₹ 2 on the application; ₹ 4 on allotment; ₹ 4 on first and final, call.
All money payable was duly received except one shareholder holding 1,000 shares failed to pay the call money. Pass the necessary journal entries for calls by using calls in the arear account.
Goutham Ltd. forfeited 500 equity shares of ₹ 10 each issued at par held by Ragav for nonpayment of the final call of ₹ 2 per share. The shares were forfeited and reissued to Madhan at ₹ 8 per share. Show the journal entries for forfeiture and reissue.
Nivetha Ltd. forfeited 1,000 equity shares of ₹ 10 each for non-payament of call of ₹ 4 per share. Of these 800 shares were reissued @ ₹ 7 per share. Pass journal entries for forfeiture and reissue?
Kanchana Ltd. issued 50,000 shares ₹ 10 each payable as under?
On application ₹ 1
On allotment ₹ 5
On first call ₹ 2
On final call ₹ 2
Applications were received for 70,000 shares. Applications for 8,000 shares were rejected and allotment was made proportionately towards the remaining applications. The directories made both the calls and all the amounts were received except the final call on 1,500 shares which were subsequently forfeited. Later 1.200 forfeited shares were reissued by receiving ₹ 8 per share. Give journal entries.
